buy sell hold 2021

UOB KAYHIAN

UOB KAYHIAN

Mapletree Logistics Trust (MLT SP)
Switching Emphasis To Redevelopment Projects


MLT has embarked on the redevelopment of 51 Benoi Road into a six-storey ramp-up logistics property with GFA of 865,000sf. It plans to amalgamate and redevelop two newly-acquired parcels of leasehold industrial properties and its existing Subang 3 and 4 properties at Subang Jaya, Selangor into a six-storey ramp-up logistics megahub with GFA of 1.4m sf. Unit price has corrected 25% from its recent peak and FY23 distribution yield has improved to 5.7%. Maintain BUY. Target price: S$2.23.

 

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DFI Retail Group (DFI SP)
Headwinds Stronger Than Expected – Downgrade To HOLD


DFI guided for negative earnings growth in 2022 in its 1Q22 interim management statement. Apart from cost pressures and supply chain issues, DFI’s earnings are likely to remain highly subjective to the vagaries of government policy in the near to medium term. We cut earnings by 14-48% for 2022-24 with the biggest impact in 2022 as the company accounts for its Yonghui associate’s 4Q21 losses. We lower our rating to HOLD from BUY. Target price: US$2.87 (previously US$3.65).

 

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MAYBANK KIM ENG

MAYBANK KIM ENG

Malaysia Airports (MAHB MK)
Climbing steadily


Maintain BUY call with higher TP of MYR7.17 (+2%)
Malaysian (MY) international passenger (pax) traffic is starting to improve. Curiously, Turkish (TR) domestic pax traffic is recovering slower than the international one. Yet, we are not complaining as the latter is much more profitable than the former. We narrow our FY22E net loss by 23%. While our FY23E and FY24E net profit are little changed for now, there could be upside from a new Operating Agreement which is due soon. Tweak DCFbased TP to MYR7.17 from MYR7.00. Maintain BUY. 

 

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Revenue Group Bhd (REVENUE MK)
Earnings uplift from favourable
sales mix


Maintain BUY
3QFY22 earnings were up 25% YoY despite a 21% sales decline as the higher sales mix from the ETP segment led to higher operating margin. 9M results exceeded both our and consensus expectations, considering a potential strong quarter ahead, supported by the festive season. We raise FY22E EPS by 8%, but retain FY23-24E earnings due to potential consumer spending softness. Maintain BUY with an unchanged TP of RM1.58, based on 39x FY23E EPS, pegged to its historical average. The stock is trading at -1SD its 4YR mean despite a projected 3-year EPS CAGR of 28%, making it attractive in our view. 

 

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Share Prices

Counter NameLastChange
AEM Holdings4.140-0.020
Avi-Tech Electronics0.3250.040
Broadway Ind0.157-0.003
China Sunsine0.4400.005
DISA0.003-
Food Empire0.5150.005
Fortress Minerals0.3850.010
Geo Energy Res0.365-0.015
Golden Energy0.450-0.020
GSS Energy0.060-
InnoTek0.5200.005
ISDN Holdings0.485-
ISOTeam0.095-
IX Biopharma0.163-0.007
Jiutian Chemical0.093-0.001
KSH Holdings0.340-
Leader Env0.057-0.004
Medtecs Intl0.199-0.006
Meta Health0.0380.002
Moya Asia0.058-0.002
Nordic Group0.4000.005
Oxley Holdings0.169-0.001
REX International0.275-0.005
Riverstone0.7400.005
Sinostar PEC0.2350.025
Southern Alliance Mining0.6350.030
Straco Corp.0.410-0.005
Sunpower Group0.385-0.005
The Trendlines0.102-0.002
Totm Technologies0.149-0.001
UG Healthcare0.220-
Uni-Asia Group1.040-0.020
Wilmar Intl4.040-0.050
Yangzijiang Shipbldg0.930-

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